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14.11.2001

9-Month Report 2001

20 per cent increase in turnover and orders

CENIT parts with loss-makers

Stuttgart, 14. November 2001 – CENIT AG Systemhaus is finalizing a reverse transaction, returning its subsidiary in North America to the original owner and thus reacting to the ongoing negative development in results and turnover in Northamerica. A preliminary contract has been signed. As a further cost reduction measure, CENIT UK could be sold to the original owner and a preliminary contract signed. Without the subsidiaries in deficit, CENIT expects to achieve substantially improved result for the CENIT Group in 2002. The still to be determined expenditures for restructuring costs and depreciation will influence this year`s financial results, yet they form a necessary basis for a future positive result.
CENIT reported an increase in revenue of 22 %, to 90.03 m. EUR in the first 9 months of 2001 (9/2000: 73.77 m. EUR). CENIT Germany achieved a revenue of 64.96 m. EUR, in comparison with the previous year this means an increase of 13.6 % (9/2000: 57.19 m. EUR).
Gross profit of the group increased by 20 % to 51.17 m. EUR (9/2000: 42,49 m. EUR). The operative result (EBIT) of the CENIT Group scored a negative result of minus 7.22 m. EUR (9/2000: -0.55 m. EUR). EBITDA adds to a minus 3.21 m. EUR (9/2000: 2.26 m. EUR). Depreciation mounts to 3.0 m. EUR (9/2000: 1.75 m. EUR). The EBITA is minus 6.21 m. EUR. The goodwill amortization adds up to 1.01 m. EUR. Earnings per share (EPS) are minus 1.86 EUR (9/2000: -0.22 EUR). Our Germany operations scored an EBITDA of minus 635 kEUR, mainly caused by hardware and software business falling below expectations. In the 3rd quarter, CENIT Group could reduce overall costs by 3.3 m. EUR, in comparison with the 2nd quarter. This led to a positive EBITDA of 96 kEUR in Germany in the 3rd quarter. In addi-tion, another 10 % cut in workforce in Germany was decided on. At the same time, the hardware business will be cut back and our services sec-tor will be developed further.

Please contact:

CENIT AG Systemhaus
Prime Standard Listing - ISIN DE0005407100


Fabian Rau
Vice President Investor Relations & Marketing
Industriestraße 52-54, D-70565 Stuttgart
Tel.:  +49 711 7825-3185
Fax:  +49 711 782544-4185
E-Mail: info@cenit.de